NZDUSD currency pair can be expected to rise to the next long-term resistance level 0.6000 (former monthly high from September and the target price calculated for the completion of the active impulse wave 3) – the breakout of which can lead to further gains toward the term resistance level 0.6050.
- NZDUSD rising inside impulse wave 3
- Likely to reach resistance levels 0.6000 and 0.6050
NZDUSD currency pair recently broke the resistance level 0.5835 (which stopped the previous sharp impulse wave (1) at the end of December) – which accelerated the active impulse wave 3. This impulse wave 3 then broke the resistance trendline of the daily up channel from November. The active impulse wave 3 belongs to the intermediate impulse wave (3) from the start of January. The impulse wave (3) is itself a part of the long-term upward impulse sequence 3 from the end of November.
Given the strongly bullish New Zealand dollar sentiment seen across the FX markets coupled with strong US dollar sales, NZDUSD currency pair can be expected to rise to the next long-term resistance level 0.6000 (former monthly high from September and the target price calculated for the completion of the active impulse wave 3) – the breakout of which can lead to further gains toward the term resistance level 0.6050.
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